Do you want a better offer? Do you want your preferred company to present their offer to you faster? Here are the reasons why you should tell the company you are interviewing with that you are also exploring another opportunity elsewhere.
- You will get hired Faster.
If an Employer really likes you they will adjust their hiring timeline so they don’t lose you to the competition. Finding great candidates isn’t an easy thing. It is one of the reasons that companies pay recruiters 20-30% of a first-year salary to bring in the best talent. If a company is interested in you and they think that you might be interviewing with another company, they will often avoid delays in the interview schedule for fear of losing you. In other words, they will hire you faster if they think you are being courted by another company.
- You will get offered More Money.
Having a “potential other opportunity” creates the impression that you are “In Demand” and increases your perceived value. Employers often present a higher offer if they think that another company is courting you as well. They don’t want the other company to scoop you up with a better offer and will often offer more compensation than they would if you were exclusively considering their role. Knowing that other companies are courting you increases your perceived value. It is an effective personal branding strategy.
- It creates “Social Proof”
It is human nature to want what other people want. Psychologist Robert Caldini calls this phenomenon “social proof” and explains that human being are “naturally inclined to follow the lead of similar others.” This is reminiscent of high school where everyone wanted to hang out with the “in crowd.”
What does “exploring another opportunity” mean? It could mean everything from having sent your resume to an online application through to actually being involved in an interview process. Tell the employer “What does your hiring timeline look like? The reason I’m asking is I’m also exploring another opportunity. My preference is to work for you but of respect, I just wanted to let you know. Here is what I love about this opportunity….” If the employer asks how far along you are in the interview process with the other company you can respond with “I prefer to keep that confidential at this stage.” They typically won’t press for details.